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Here, I surely has not been a fan of the China growth story (not so sure about other three of the BRIC countries).

As I have highlighted that HK/China markets are doing very miserably for this year, this has largely vindicated the bears. Of course, people are still going around and telling people to overweight emerging markets, particularly, China, because China is invincible. And now that China has started to ease, investors will surely get very excited.

Except I am not excited.

Another one who is probably not going to be excited would be uber-bear Albert Edwards of Société Générale, who just wrote:

Despite recent poor performance investors still seem to favour EM and the BRICs. My good friend and former colleague Peter Tasker came up with an alternative for the widely (over) used BRIC acronym - Bloody Ridiculous Investment Concept.